The Institutional Risk Analyst

As and when GS can exit the loss leading credit card relationship with AAPL, the performance of the business should improve significantly.

What does the upsurge in repo rates at the end of September suggest? None of the media who supposedly cover the Fed seem able to ask.

Citi seems to be tracking the group now, whereas pre-COVID the stock significantly underperformed in terms of market beta. But performance?

WGA notes that bank stock prices have soared in the second half of 2024, with the WGA Bank Top 10 Index up 40% year-to-date in 2024.

Selling the Treasury's control position in the GSEs while dragging the furious shareholders along behind is not an attractive opportunity

Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

When SCHW surpassed U.S. Bancorp in size in 2021, you knew that SCHW’s leadership had gotten lost. 

Our bet is that the Bessent "3-3-3" plan likewise will be a failure and that the Fed will be forced to restart QE sooner rather than later

The asset returns of BOH are substandard vs its peers. We cannot discern any reason for this save management lapses.

The banking industry has segmented into a handful of above-average performers and JPM is the largest leader of these "winners"

The changes that are going to occur in Washington over the next four years will be dramatically different than during Trump I.

It’s time for the Fed to get smart on duration risk before circumstances create another money market crisis. 

Last year, when a lot of people were predicting the demise of SCHW, we told our readers to calm down.

How is Goldman going to extricate itself from this profoundly unattractive business with AAPL without destroying Apple Card?

WFC is not even out of dodge yet, but TD has cut off the fingers of one hand in yakuza style and is now headed for years of misery

In opposing Basel III, Chopra is doing the bidding of Senator Elizabeth Warren (D-MA) but big banks are very happy to have no rule at all.

The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.

If you believe that there is no recession coming in 2025, what is the logical response from an informed investment professional?

The Q3 interest rate rally still leaves the industry with a negative capital position since the average securities yield is only 3%

The big story nobody is discussing is the fact that large banks led by JPM, BAC and TFC continue to sell off briskly